Covestro Q1 adj EBITDA down 58% on lower prices

Covestro looking positively to future despite earnings drop, CEO says

German chemicals maker Covestro said core profit fell 58%, with product prices under pressure as rivals bolster their output.

The maker of chemicals for heat insulation foams and transparent polycarbonate plastics reported first-quarter EBITDA plunged to 442 million euros ($493.23 million), in line with the average estimate by analysts in a Reuters poll.

The former Bayer subsidiary confirmed 2019 EBITDA was likely to come in between 1.5 billion euros and 2.0 billion euros this year, down from 3.2 billion in 2018.